Daily Auto Loan Rates Michigan
December 27, 2025
What is an Auto Loan?
An auto loan is a loan used to buy a vehicle. You borrow a lump sum from a lender and repay it with interest over a set term. Your monthly payment includes principal and interest, and may also cover taxes, title, and fees. The lender holds a lien on the car until the loan is paid in full.
Tips for Michigan borrowers
Michigan market conditions
Auto loan rates: compare lenders
Future outlook for Michigan
Benefits of shopping auto loan rates
FAQs
Q: How often do auto loan rates change?
A: Rates update daily as lenders adjust offers.
Q: Should I get pre-approved?
A: Yes—pre-approval locks in a rate, clarifies budget, and strengthens your negotiation position.
Q: Do all lenders charge similar fees?
A: No—fee structures vary; compare the stated fees plus the APR to see the true cost.
Q: Is it better to choose a longer or shorter loan term?
A: Shorter terms cost more per month but less total interest; longer terms lower monthly payments but cost more over time.
Auto loan rates comparison table for Dec 27, 2025
|
Lender |
Est. Payment |
Starting APR |
Term (Months) |
Est. Fees |
|
Sun Trust |
$889 |
24 |
$1,336 |
||
|
Sun Trust |
$613 |
36 |
$2,068 |
||
MyAutoLoan |
$611 |
36 |
$1,996 |
||
|
Sun Trust |
$476 |
48 |
$2,848 |
||
|
Sun Trust |
$394 |
60 |
$3,640 |
||
|
MyAutoLoan |
$393 |
60 |
$3,580 |
||
|
Sun Trust |
$343 |
72 |
$4,696 |
||
|
MyAutoLoan |
$338 |
72 |
$4,336 |
||
|
MyAutoLoan |
$304 |
84 |
$5,536 |
* Default rates and fees are based on an average $20,000 loan with good credit.